The market is anticipated to grow at an average CAGR of 4.6% from 2022 to 2032, reaching a projected value of US$ 12.1 billion by that year. The market for industrial pails is expected to reach an estimated US$ 7.8 Bn in 2022, driven by increased demand for industrial pails of the right size for a variety of uses.
The industrial pails market will expand during the forecast period as a result of an increasing demand for bulk packaging solutions with exceptional barrier features across a variety of industry verticals.
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The industrial pails market is driven by the rising application in various end-use sectors like chemicals, agricultural, oil & lubricants, food & beverage, building & construction, and others, and is predicted to grow at a rate of 1.6x the current market value over the assessment period.
The market growth of industrial pails is further supported by the rising demand for bulk packaging materials that are safe, secure, long-lasting, and reliable. Industrial pails minimise the risk of leakage during transportation while ensuring security and protecting chemicals from the outside environment. This is encouraging for the market because it helps the developing chemical sector with safe transportation.
The industrial pails market is anticipated to expand at a steady rate as it meets the majority of requirements due to the constantly expanding demand for environmentally friendly bulk packaging options that are much more effective than the conventional options. The target market will expand as a result of the rising demand for high-value commodities to be transported and packaged safely.
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Industrial pails are used to pack liquid and granulated/powdered product forms in addition to ensuring the safe transportation of hazardous chemicals. Industrial pails are also a sustainable option for bulk packing that is safe. Over the anticipated timeframe, all of these elements support the market for industrial pails' expansion.
“Rising demand for sustainable, safe, and bulk packaging solutions will propel the market growth of the industrial pails over the forecast period,” says an FMI analyst.
Key Takeaways:
- Rising demand for spill-proof packaging solutions to boost market prospects.
- Germany will likely account for about 20% of the industrial pails market share in Europe.
- China industrial pails market is anticipated to expand 1.7x its current value.
- By material, the metal-based chemical resistant buckets will witness a surge in demand.
- In terms of end use, the chemicals industry coupled with the oil & lubricants sector will account for 2/5th of the market share.
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Competitive Landscape
Key players engaged in the manufacturing of industrial pails are trying to focus on expanding their presence, product portfolios, capacities, and resources to meet the growing demand for industrial packaging in various regions. Some of the other key players are adopting mergers and acquisitions, as well as expansion strategies to compete with their rivals.
Some of the latest industry developments are as follows –
- In November 2021, Alpla Werke Alwin Lehner GmbH & Co KG expanded its presence in Asia to cater to the growing demand for packaging products, including industrial pails.
- In April 2021, Mauser Packaging Solutions announced the acquisition of Global Tank Srl, which will help the company to expand its presence in the Europe market for industrial packaging products.
Industrial Pails Market Outlook by Category
By Material:
- Plastic
- Metal
By Capacity:
- Less than 1 Gal
- 1-3 Gal
- 4-6 Gal
- 7-10 Gal
- Above 10 Gal
By End Use:
- Chemicals
- Agriculture
- Food & Beverage
- Building & Construction
- Oil & Lubricants
- Automotive
- Others (Mining, etc.)
Key Players:
- Mauser Packaging Solutions
- Berry Global Group
- CL Smith
- Schoeller Allibert Services B.V.
- Alpla Werke Alwin Lehner GmbH & Co KG
- Vestil Manufacturing Corporation
- IPL, Inc.
- P. Wilkinson Containers Ltd.
